Chinese Internet company LeEco, previously known as LeTV, has agreed to pay 100M yuan ($15.2M) for the title sponsorship for the Beijing Guoan football team this year "in a strategic partnership that marks its expansion into sports club branding from smart TV and video content services," according to Phoenix Kwong of the SOUTH CHINA MORNING POST. LeEco announced that the club, which is controlled by state-owned investment firm Citic Group, will be renamed "Beijing Guoan LeEco Team." The Internet company has formed a strategic partnership with Beijing Guoan Football Club, which operates the Beijing Guoan team, "but has yet to reach any agreements on a stake acquisition." Earlier media reports said that "LeTV would pay" 2B yuan ($3M) to acquire a 50% stake in the football club. Beijing Guoan honorary Chair Luo Ning said that the stake purchase "was still under negotiation" and the shareholding structure between LeEco and the club was also in discussion. Luo said, "No matter what will be the structure in the future, we have one goal in common -- to develop football" (SCMP, 1/19). YUTANG SPORTS' He Lanying reported in addition, LeEco and Guoan "have agreed to set up a strategic development committee." Le Sports CEO Lei Zhenjian and Luo "will serve as co-chairmen of the committee" (YUTANG SPORTS, 1/19).
